OREANDA-NEWS. National Rating Agency has withdrawn its reliability rating on Kapital-Polis Insurance Company due to expiry of the rating contract. On withdrawal, the company's rating is at 'BBB'.

The rating is underpinned by Kapital-Polis's strong position in St.-Petersburg's voluntary medical insurance (VMI) market, where it ranks fifth, its being part of a larger insurance group, high solvency level (with actual solvency margin twice as high as the regulatory minimum requirement as of Apr. 1, 2015).

The insurer's reliability is weakened by its low capitalisation, negative premium growth, unbalanced insurance portfolio (with VMI exceeding 97% of total premium), very high receivables level (41% as of Apr. 1, 2015) and low profitability. The rating downgrade was also prompted by our new insurers rating methodology, published on NRA's corporate website.